Cyber Insurance is one of the most important tools and a type of insurance that a lot of companies and businesses these days are using as it gives a cover against the inevitable cyber-attacks, Data breaches and Identity theft. According to a report, Cyberattacks are projected to hit $6 trillion in an annual loss in 2021 which has doubled since 2015. (Cybersecurity Ventures) This data gives a huge estimate that companies will now make sure they have Cyber Insurance plans.
Cyber insurance is essential because when a firm is hit by a cyberattack, it suffers a significant financial loss. In some cases, a company’s valuation can drop by 50%. Yahoo was hit by one of the largest cyberattacks in history, resulting in the theft of information from over 3 billion users and enormous financial losses. A cyber security attack is a possibility for roughly 60% of enterprises throughout the world. As a result, MFA, along with cyber insurance, has become critical for businesses.
Cyber Insurance also comes with a lot of compliances, one such new compliance is Multi-Factor Authentication.
MFA FOR CYBER INSURANCE
Recent rules and compliances by the Cyber Insurance companies state that Multi-factor Authentication is a must for any organization to even apply for cyber insurance. This is backed by the fact that Multi-factor authentication is arguably the most important step that companies can take to defend against online attacks. Using a second factor can block 99.9% of all attacks, Microsoft said in an analysis of attacker tactics.
Multifactor authentication also comes in handy in case of Identity theft, Every 5th individual in the world is involved in Identity theft. MFA along with complying has a huge benefit for the companies. Securing Identity is a big task as a Cyberattack happens every 39 seconds according to a report from the University of Maryland.
MFA or Multiple Factor Authentication is a method of performing a safe and secure authentication process. In this technique, the user is asked to authenticate his/her identity multiple times. The most common example of this would be logging into a website/network using your username and then being prompted to enter an OTP. This OTP is sent to another device owned by the user.
MFA tackles some very relevant cybersecurity concerns like Phishing, Keylogger attacks, Brute Force Attacks, Credential Stuffing making it a must-have for corporations and individuals who want to keep their private information safe and secure.
miniOrange MFA detailed
miniOrange provides a ready to use solution for Multifactor Authentication with 5000+ Pre Integrated apps, We support all network authentication like SAML, OAuth, OIDC, JWT, Radius.
miniOrange provides 15+ Second Factor authentication methods that include OTP over SMS, OTP over Email, Out of band SMS, Google Authenticator, Microsoft Authenticator, etc.
During this Pandemic era, many Organizations have asked their employees to work from home which requires the use of VPN services. Attackers are targeting the Enterprise VPN providers and hence pose a lot of security threats to the Organization.
miniOrange provides a solution for VPN MFA using the Radius Protocol. We provide a second layer of authentication for users which includes 15+ methods as mentioned above.
BENEFITS OF MFA
- Protects user data from Identity theft – MFA by adding an extra layer of authentication, secures the data 99% times from identity theft
- Works in sync with SSO solutions – miniOrange MFA solutions apart from providing a second layer of security also helps you sign in to multiple applications with single credentials
- Must for complying with Cyber Laws – As the above blog gives a brief description on how MFA is a must for complying with Cyber Laws
- Easy to implement – miniOrange’s MFA solution is easy to setup with more than 5000+ pre-integrated applications.
This article explains why Multi-Factor Authentication is necessary to protect our users’ identities and data from phishing, malware, and DDOS attacks. It no longer just safeguards our data; it is now also a must for the future of your company in the event of a cyber attack. It signifies that MFA is required in order to apply for Cyber Insurance.